ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) ("ElectraMeccanica"
or the "Company"), a designer and manufacturer of electric
vehicles, reported financial results for the third quarter ended
September 30, 2021, in conjunction with its Quarterly Report on
Form 6-K filed today.
Recent Company Highlights
-
Delivered 21 SOLO EVs to reservation holders and
fleet customers during the month of October. Since August 2020,
ElectraMeccanica has produced 182 SOLO EVs.
-
Held “Key Moment” event on October 4, 2021, in Los Angeles, marking
the Company’s first commercial deliveries of SOLO
EVs to early reservation holders and fleet customers.
-
Signed a strategic agreement with Robert Bosch LLC (“Bosch”), a
leading global mobility solutions and industrials technology firm,
to establish a pilot service network of independent automobile
repair shops approved by Bosch (the “Bosch Car Service Network”).
The Bosch Car Service Network will support service and maintenance
operations for the SOLO EV, beginning with the
initial commercial launch locations throughout the western United
States.
-
Strategic Partner Zongshen Industrial Group exercised 1.4 million
warrants of ElectraMeccanica into common stock as a confirmation of
the Company’s go forward strategy.
-
SOLO EV received an honorable mention in Fast
Company’s Innovation by Design Awards for 2021 in the General
Excellence and Mobility categories.
-
SOLO EV selected as the exclusive vehicle in a
celebrity race at the Canadian E-Fest, a three-day festival that
showcases the latest innovations in the EV space that precedes the
2022 Vancouver E-Prix.
-
SOLO EV was showcased during U.S. Secretary of
Energy, Jennifer Granholm‘s, Michigan Manufacturing Tour.
-
The Company debuted “Cargo” Version of its flagship
SOLO EV at Advanced Clean Transportation (ACT)
Expo 2021.
Management Commentary
“During the third quarter of 2021, our efforts
surrounded the preparation for the biggest moment in our Company’s
history, first deliveries of the commercial SOLO
EV to reservation holders and fleet customers, which was
successfully held at our ‘Key Moment” event on October 4, 2021,”
said Kevin Pavlov, CEO of ElectraMeccanica. “We are more focused
than ever on ramping production to meet the significant demand for
our flagship SOLO EV. To support this rollout, we
remain on track to complete our new U.S. Assembly and Engineering
Technical Center in Mesa, Arizona in summer 2022—which will have
the ability to produce up to 20,000 vehicles annually—while also
forming a partnership with the Bosch Car Service Network to provide
industry-leading service and maintenance operations for the growing
number of customers taking to the road across the western United
States. Today, ElectraMeccanica stands at a very exciting
inflection point as we transition into a scaled production
enterprise with an infrastructure, balance sheet and world-class
team to execute upon our growing customer deliveries and fleet
partnerships that will build long-term shareholder value well into
the future.”
Third Quarter 2021 Financial
Summary (All amounts reported in USD)
-
Cash and cash equivalents and short-term deposits were $228.8
million as of September 30, 2021, compared with $129.5 million as
of December 31, 2020.
-
General and administrative expenses in the third quarter of 2021
were $7.4 million, compared to $1.9 million in the prior year-ago
quarter. The increase in G&A expenses was primarily due to
increased rent related to the opening of retail locations and the
Company’s Mesa, Arizona office, consulting services related to the
Mesa assembly facility, office expenses as a result of the
Company’s Enterprise Resource Planning (“ERP”) system, and salary
expenses related to a severance payment in addition to a number of
new employees.
-
Research and development expenses in the third quarter of 2021 were
$5.3 million, compared to $1.5 million in the same year-ago
quarter. The increase in R&D expenses was primarily due to
expenses for the Company’s pre-production vehicles, the
SOLO and eRoadster, whose costs are attributed to
research and development.
-
Sales and marketing expenses in the third quarter of 2021 were $2.5
million compared to $525,660 in the prior year-ago quarter. The
increase is a result of our sales team expanding significantly, the
opening of multiple retail locations and the implementation of new
branding and marketing strategies.
-
Operating loss in the third quarter of 2021 was $17.2 million,
compared to an operating loss of $6.5 million in the same year-ago
quarter. The increase in operating loss was primarily due to the
forementioned increases in G&A, R&D and sales and marketing
expenses.
Bal Bhullar, ElectraMeccanica’s CFO, added,
“Revenues from our initial commercial SOLO
deliveries are being recognized in the fourth quarter and we expect
these to begin scaling in the coming year. With over $228 million
on our balance sheet at the end of the third quarter, we’ve set the
stage for growth as all of our focus turns towards ramping
production and the buildout for our U.S. base of operations in
Mesa, Arizona. Our ability to leverage our strong balance sheet and
world-class infrastructure to deliver SOLOs to reservation holders
and fleet operators have positioned us to deliver long-term,
sustainable value for our shareholders.”
Corporate Update Conference
Call
Management will host a corporate update
conference call on Wednesday, November 17, 2021, at 4:30 p.m.
Eastern time to provide a corporate update and discuss current
growth initiatives. The call will conclude with Q&A from
participants.
Date: Wednesday, November 17, 2021Time: 4:30 p.m. Eastern
timeU.S./Canada Dial-in: 1-877-413-2408International Dial-in:
1-201-689-8465Conference ID: 13724898Webcast:
https://viavid.webcasts.com/starthere.jsp?ei=1510891&tp_key=3d0dc4c5a9
Please dial in at least 10 minutes before the
start of the call to ensure timely participation.A playback of the
call will be available through Wednesday, December 8, 2021. To
listen, call 1-844-512-2921 within the United States and Canada or
1-412-317-6671 when calling internationally. Please use the replay
pin number 13724898. A webcast will also be available by clicking
here: SOLO Q3 2021 Webcast.
About ElectraMeccanica Vehicles
Corp.
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO)
is a Canadian designer and manufacturer of environmentally
efficient electric vehicles (EVs). The company’s flagship vehicle
is the innovative, purpose-built, single-seat EV called the
SOLO. This three-wheeled vehicle will
revolutionize the urban driving experience, including commuting,
delivery and shared mobility. Engineered for a single occupant, it
offers a unique driving experience for the environmentally
conscious consumer. The SOLO has a range of 100
miles and a top speed of 80 mph, making it safe for highways. The
SOLO also features front and rear crumple zones,
side impact protection, roll bar, torque-limiting control as well
as power steering, power brakes, air conditioning and a Bluetooth
entertainment system. It blends a modern look with safety features
at an accessible price point of $18,500. The SOLO
is currently available for pre-orders here. InterMeccanica, a
subsidiary of ElectraMeccanica, has successfully been building
high-end specialty cars for 61 years. For more information, please
visit www.electrameccanica.com.
Safe Harbor Statements
Except for the statements of historical fact
contained herein, the information presented in this news release
constitutes “forward-looking statements” as such term is used in
applicable United States and Canadian securities laws. These
statements relate to analyses and other information that are based
on forecasts of future results, estimates of amounts not yet
determinable and assumptions of management. Any statements that
express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (often, but not always, using words
or phrases such as “anticipates”, “estimates”, “projects”,
“expects”, “contemplates”, “intends”, “believes”, “plans”, “may”,
“will”, or their negatives or other comparable words) are not
statements of historical fact and should be viewed as
“forward-looking statements”. Such forward looking statements
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such risks and other factors include,
among others, the prices of other electric vehicles, costs
associated with manufacturing vehicles, the availability of capital
to fund business plans and the resulting dilution caused by the
raising of capital through the sale of shares, changes in the
electric vehicle market, changes in government regulation,
developments in alternative technologies, inexperience in servicing
electric vehicles, labour disputes and other risks of the electric
vehicle industry including, without limitation, those associated
with the delays in obtaining governmental approvals and/or
certifications. Although the Company has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements contained in this news release and in any document
referred to in this news release. Forward-looking statements are
made based on management’s beliefs, estimates and opinions on the
date the statements are made, and the Company undertakes no
obligation to update forward-looking statements if these beliefs,
estimates and opinions or other circumstances should change, except
as required by applicable law. Such forward-looking statements
reflect our current views with respect to future events and are
subject to certain risks, uncertainties and assumptions, including,
the risks and uncertainties outlined in our most recent financial
statements and reports and registration statement filed with the
United States Securities and Exchange Commission (the “SEC”)
(available at www.sec.gov) and with Canadian securities
administrators (available at www.sedar.com). Although the Company
believes that the beliefs, plans, expectations and intentions
contained in this news release are reasonable, there can be no
assurance those beliefs, plans, expectations or intentions will
prove to be accurate. Investors should consider all of the
information set forth herein and should also refer to the risk
factors disclosed in the Company’s periodic reports filed from
time-to-time with the SEC. This news release shall not constitute
an offer to sell or the solicitation of an offer to buy securities
of the Company nor shall there be any sale of these securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Investor Relations Contact
MZ Group(203) 741-8811SOLO@mzgroup.us
Electrameccanica Vehicles (NASDAQ:SOLO)
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